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The same is true in the UK, a direct debit instruction can be setup on an account using just the name, number and sort code, but it doesn't make us more wary, m
by _wmd 9y ago
The same is true in the UK, a direct debit instruction can be setup on an account using just the name, number and sort code, but it doesn't make us more wary, much in the same way that supplying one's home address is enough to take out lines of credit in that person's name
- cerved 9y agoThis sounds incredibly insecure, is it exploited much?
- zAy0LfpBZLC8mAC 9y agoMy guess is that it's the same as elsewhere in the EU: Your bank will reverse the charge if you ask it to, the risk stays almost entirely with the payee/the payee's bank.
- stordoff 9y agoIt's difficult to exploit Direct Debits, as you are entitled to a full and immediate refund: https://www.directdebit.co.uk/DirectDebitExplained/pages/directdebitguarantee.aspx https://www.directdebit.co.uk/DirectDebitExplained/pages/dir...
- the-dude 9y agoTo do this, your business requires permission from your bank. If you abuse it, your bank will probably revoke your permission.
- rmc 9y agoAs far as I know, the ability to use direct debits is not given to everyone. You can't just start making direct debits just because you have a bank account.